Being new to the insurance industry is challenging. There is a lot to learn and understanding how everything fits within the broader financial landscape can be rough on juniors.
Getting the right general knowledge and guidance is essential to creating a solid foundation from which to build a successful career in insurance. Here’s how NIBA College can get your new staff skilled-up, confident and ready to get broking.
CERTIFICATE III in Broking
For employees new to the insurance industry and to full-time work, the Certificate III in Insurance Broking offers a stable introduction to the complex world of broking and financial services. Within the Certificate III students complete Block 1 and Block 2.
Block 1 covers the background knowledge of the industry, economy and relevant legislation needed to understand the insurance landscape in Australia.
NIBA College Student Support Officer Hannah Mantle says: “Many employers see the benefits of enrolling their junior staff into the Certificate level programs as they feel the course can simplify the induction and education process for them.”
Designed to equip beginners with vital information regarding insurance products, Block 1 covers the provision of insurance brokering services to customers, providing your new employee with the Tier 2 ASIC compliance. Topics also include the development and maintenance of in-depth knowledge of products and services, as used by organisations and sectors.
Following Block 1 of the Certificate III in Insurance Broking, new employees are trained and ready to provide general advice in general insurance.
Block 2 provides those new to the industry with the business skills needed to work well within the broking office environment. Topics include working effectively within the financial services industry, handling customer complaints, negotiation, research and analysis, as well as the basics in providing personal advice in general insurance products.
The topics covered here don’t result in further ASIC-compliance attainment, but they do give new staff a more complete understanding of how day-to-day broking operates.
CERTIFICATE IV in Broking
The Certificate IV in Insurance Broking is for those new to insurance broking, but that have some prior knowledge or experience within the industry.
Similar to Certificate III, the Certificate IV results in Tier 2 ASIC compliance on completion of Block 1. The difference is that Certificate IV provides more of a focus on client research and presentation skills, making it perfect for employees who have reached a level of confidence in dealing with clients.
The added focus on client service skills coursework is aimed at providing students with the skills needed to meet industry and legislative guidelines and organisational procedures.
Further to the benefits of building a solid understanding of the insurance industry, the attainment of Tier 2 compliance means that students are left in perfect stead to undertake the Diploma of Insurance Broking, which results in Tier 1 compliance.
“The full Certificate IV courses introduce the inexperienced or new entrant staff member to the range of work being undertaken in an office, how a company operates and how to work effectively with clients,” Mantle says.
Course delivery options have been designed to offer students as much flexibility as possible, helping them reach their highest potential while managing their professional workload.
Mantle encourages workplaces to support flexible learning. “You can really see the difference between students that are given support from their employer to complete their study, and the ones that don’t,” says Mantle.
Traineeship. Both the Certificate III and Certificate IV are eligible for government traineeship funding support. This means that your employee can gain their qualification and Tier 2 ASIC compliance on the job. This is of particular benefit to regional broking firms, as it provides students with learning support without taking them out of work for training. Personalised training plans are provided to ensure that each student gets the most out of their certificate.
Distance. Another option is distance, or online, study. This option helps those new to the insurance industry skill up on the basics, while continuing their full-time workload. Students can study from home, but still receive all of the support of in-depth feedback and guidance with assessments.
Distance study students have online access to reading materials and resources, and are provided with regular reminders to ensure that their learning stays on track.